Disposal of an opted property

Disposal of an opted property

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I have a property owned by a local authority which is being sold.  The purchaser intends to convert this property into dwellings.  They have supplied a VAT1614D. Is this sufficient to not charge VAT on the sale.

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By awoodj
11th Mar 2014 12:36

Anyone done this prior to an auction?

Just curious if this still works when bidding at an auction, has anyone done this or can auction sale conditions overide this form?

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chips_at_mattersey
By Les Howard
11th Mar 2014 15:30

VAT Option to Tax - disapplication

The form should suffice, as it is a fully legal document. But do check with the Vendor ahead of the transaction.

With regard to auction sales, the same principle must apply. But it would be worth checking with the auctioneer to make sure.

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Galaxian
By Galaxian
12th Mar 2014 09:39

Auction
I would also be interested to know how a 1614D operates in the context of an auction. A vendor has to accept it if it is provided before the price is fixed. This is usually when heads of terms are agreed or upon exchange of contracts. How can this be dealt with in a context of bidding? Does the procedure involve all potential purchasers who want the option to tax disapplied to present the vendor with a completed 1614D before bidding starts?

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